HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in January 2010 was $956m, a decrease of 3.7% from December 2009 ($993m) and the seventh consecutive decrease since the peak of $1,176m recorded in June 2009. As a result of these decreases, the January 2010 estimate has fallen back to the level of November 2008. Nationally, the value of housing finance commitments for owner occupation was $15,366m in January 2010; 10.1% lower than the peak recorded in July 2009 ($17,095m).

In January 2010, the average home loan size for owner occupied dwellings in South Australia was $223,600, substantially lower than the average home loan size for Australia ($282,800).

In January 2010, the average loan commitment for first home buyers in South Australia rose slightly to $242,700; an increase of 0.1% over the December estimate and 10.3% higher than the average loan size for non-first home buyers ($220,000). The average loan commitment of first home buyers is now only 9.5% below the peak of March 2009 ($268,300).

For information on the house price index, please refer to the ' Price Indexes' topic.